Credit card company SBI Cards and Payment Services Limited’s (SBI Card) net profit more than tripled to Rs 580.86 crore for the quarter ended March.
SBI Cards said it had posted a profit of Rs 175.42 crore in the same quarter last year. The company’s total income increased to Rs 3,016.10 crore between January and March as against Rs 2,468.14 crore in the same period last year.
SBI Cards interest income also increased to Rs 1,266.10 crore in the quarter under review from Rs 1,082.42 crore in the previous year. Income from fees and commissions also stood at Rs 1,426.81 crore as against Rs 1,113.81 crore in the same period last year.
SBI Cards’ net profit grew 64 per cent to Rs 1,616.14 crore during the entire FY 2021-22 as against Rs 984.52 crore in FY 2020-21. Its total income increased to Rs 11,301.52 crore in this fiscal from Rs 9,713.58 crore a year ago. SBI Card said that the company’s gross non-performing assets (NPAs) stood at 2.22 per cent and net NPAs 0.78 per cent as of March 31, 2022. Last year it was 4.99 per cent and 1.15 per cent, respectively.